Managing a business can be complicated if not impossible without a digital payment solution in place. Last Year, Coronavirus changed the way people shopped and paid for goods in ways that show no signs of slowing down.
When the pandemic began, many non-essential businesses were forced to suddenly close while many more were unable to operate unless they could process digital payments. People became accustomed to buying the goods and services they needed online to manage their daily lives.
When the situation improved and businesses opened again some
people were too afraid to go to stores and others had gotten used to the convenience of shopping online. For those who had no option but to go to stores, cash was widely rejected due to possible contamination issues. A common challenge businesses face is being able to process digital payments quickly and easily. In a Global Payments Inc report, they highlighted the need for businesses to adapt:
“The pandemic has pushed businesses to quickly expand their customer touchpoints beyond traditional face-to-face, driving even more of a need for omnichannel commerce. As a result, in 2021, businesses will invest in unified commerce technology to refine their processes and become more efficient at delivering needed omnichannel experiences.”
There is strong evidence that these trends are here to stay, and businesses need technology that can not only keep up with the competition but is ideally several steps ahead. Whilst the ease and convenience of shopping online has become second nature to many, for those who don’t have access to traditional payment methods like credit, debit, or pre-paid cards, it poses a big problem.
In Mexico, only 37% of adults over the age of 15 have access to a bank account. This leaves a huge number who can not pay for goods and services online. Finding a way to give the underbanked access to digital payments, and therefore the digital economy is vital to these communities as well as a lucrative market to disrupt.
IPSIPay for Business offers a host of solutions for businesses to better manage their transactions and provides access to those who could previously not make any. Our software is accessible–by connecting your business to our API, it, in turn, will grant you access to our user database. Take the example of a payday loan company: If they were to access our API, they would then be visible to all of the users who might be looking for a loan service. Instead of having to then go onto the merchant website, they can easily apply for those loans right from our app.
What’s more, the way in which customers can pay for their transactions is also diversified through the variety of digital payment options we offer. The IPSIPay platform lets merchants accept payments from our range of solutions including:
- IPSI Pre-paid card- A loaded card that can be used much in the same capacity as a bank card.
- IPSI Wallet- An online solution for a range of services from payments, remittances, top-ups, betting, cash advances, and more. The balance is reflected in the IPSI App. The wallet can also be accessed through our IPSI Kiosks for those who don’t have access to a smartphone.
- IPSI Coin- Our dollar-backed stable coin is a fast and secure method for online transactions.
IPSIPay allows merchants to reach a wider consumer audience, but our technology also provides important assistance to other key players in the digital economy: employers, workers, and freelancers. Managing payroll can be a challenge with hidden costs. IPSI Payroll allows employers to directly deposit checks into the IPSI wallet, eliminating the cost and processing of checks and streamlining payments.
Employees can receive their paychecks directly in their IPSIPay Digital Wallet or opt to receive money on one of our pre-paid cards. They can access their funds on their card from an IPSI Kiosk. For freelancers who may be working remotely, there is an added difficulty when it comes to transfer and exchange fees. IPSIPay removes the need for these fees, allowing freelancers to receive their payment in any currency or through our IPSI Coin cryptocurrency.
We are cornering the market of the underbanked in Mexico, offering an accessible solution to digital payments. Our goal is to lead the way with our technology to provide quick, low-cost, and secure transactions for everyone.
To learn more about IPSI’s investment opportunity contact the Investor Relations team at [email protected]